Blockchain Weekly Recap 5-7-2016

Blockchain Weekly Recap 5-7-2016

China Reveals its Blockchain Alliance: ChinaLedger

With the launch of the Hyperledger project and new alliances between banking giants with a common interest in harnessing the blockchain’s promised potential, it was probably just a matter of time before China got into the act. That has now happened in a big way as the world’s most populous nation recently announced the creation of its own distributed ledger consortium, which many are referring to as ChinaLedger. The new alliance has been launched to better facilitate implementation of blockchain technology into the Asian giant’s financial system.

As currently constituted, ChinaLedger includes a total of eleven commodities, financial asset, and equity exchanges, with Wanxiang Blockchain Labs spearheading the effort. The initial goal is centered around the creation of a unique open source distributed ledger protocol that will serve as a launching point further development in the future. And before anyone assumes that the launch of ChinaLedger signals the start of some sort of technological “Cold War” between China and the rest of the world, it should be noted that a number of well-known blockchain personalities will be serving in advisory capacities – including R3’s Tim Swanson, And Ethereum’s Vitalik Buterin.

Commonwealth Turning to Blockchain to Battle Crime

For all the recent talk about how digital currency technology could potentially facilitate crime, some governments still seem to appreciate the fact that it can help to combat illicit activity too. Case in point: the British Commonwealth’s recent announcement that it has launched a blockchain app project designed to help fight cross-border criminal activity. The announcement was made at Consensus 2016, and relates to a planned mobile app that would blockchain tech to facilitate cooperation and evidence gathering in cross-border criminal investigations.

Deloitte Unveils New Partnerships and Innovations

Accounting giant Deloitte recently announced a total of five new partnerships between the company and five distributed ledger startups, with which it has developed twenty new prototypes that leverage blockchain technology. Those partners include Loyyal, ConsenSys, BlockCypher, Enterprise, and Bloq, and each was selected to help further Deloitte’s ongoing effort to take the blockchain beyond theory and translate its potential into usable applications.

The prototypes include products designed to facilitate the creation of blockchain digital banks, as well as financial tools that are to be marketed to banks and blockchain-based rewards systems for employees. Eric Piscini, a partner in the company, made news in January when he opined that “blockchain will become a reality for many in 2016.” With these latest moves, Deloitte is demonstrating that it is committed to doing its part to make that prediction come true.

Delaware Announces Desire to Create Blockchain Business Registration System

The recent Consensus Conference 2016 saw the state of Delaware reveal that it is serious about implementing blockchain technology to facilitate new business registration. As one of the leading centers of business incorporation, the move could help Delaware better manage the incorporation process and provide state officials with a leaner and more efficient processing and records-keeping system.

Chain Announces Open Standard 1

Blockchain startup Chain also made news at Consensus Conference 2016, as it unveiled its Open Standard 1 blockchain. The new distributed ledger has been created with financial companies in mind, and the company already has a host of banking giants backing the product – including notables such as Visa, Fidelity, Nasdaq, Capital One, and City. While there is already strong competition in this area of the marketplace from others seeking similar enterprise blockchain solutions, Chain’s current supporters may give it the edge it needs to remain competitive – at least for the time being.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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